Itamar Medical Ltd. (TASE:ITMR), a developer of non-invasive diagnostic devices for monitoring the cardiovascular system as well as sleep disorders, reported 8.7% revenue growth to $11.8 million in 2010 from $10.9 million in 2009. The company posted a net profit of $2 million in 2010, compared with a net loss of $13 million in 2009.
Most of the net profit is due to lower financing expenses. The company still posted an operating loss of $301,000 in 2010, down from $1.5 million in 2009.
Itamar Medical had $14.7 million in cash at the end of 2010, and its largest shareholders Medtronic International Technology Inc. (NYSE: MDT), Giora Yaron, Martin Gerstel, and Caremi Partners Ltd. - provided a $6 million credit framework through 2015. However, the company owes NIS 33.3 million to its bondholders, of which NIS 5.3 million is due to be repaid this year, and NIS 28 million in 2012.
60% of Itamar's revenue come from cardiovascular monitors and 40% from sleep monitors. Most of the company's growth in 2010 came from its cardiovascular monitors, while sales of sleep monitors fell.
Itamar Medical's share price fell 1.1% today to NIS 1.97, giving a market cap of NIS 266 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 23, 2011
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